Incyte Corp. reported higher net income in the second quarter and first half.
Generally accepted accounting principles net income for the quarter ended June 30 was $105 million compared to net income of $52 million for the same period in 2018.
Shares of the company based near Wilmington were up 6.4 percent in Tuesday trading as earnings beat estimates.
GAAP net income for the six months was $208 million compared to net income of $11 million for the same period in 2018.
For the quarter ended June 30th net product revenues of Jakafi were $410 million as compared to $346 million for the same period in 2018, up 18 percent.
For the six months ended June 30, net product revenues of Jakafi were $785 million as compared to $659 million for the same period in 2018, representing 19 percent growth.
For the quarter ended June 30, 2019, net product revenues of Iclusig (ponatinib) were $24 million as compared to $20 million for the same period in 2018. For the six months ended June 30, 2019, net product revenues of Iclusig were $45 million as compared to $41 million for the same period in 2018.
“Revenue growth continues to be strong, and we are pleased that Jakafi is also now available as an approved therapeutic option for patients with steroid-refractory acute GVHD,” (bone marrow or blood stem cells) stated Hervé Hoppenot, CEO of Incyte. “In addition, we made good progress across our development portfolio during the quarter, including presenting data from the Phase 2 trial of ruxolitinib cream in patients with vitiligo (white patches on skin) at the World Congress of Dermatology (WCD) which drove our decision to advance the program into pivotal development. We remain on track to file a New Drug Application seeking approval of pemigatinib in cholangiocarcinoma (bile duct cancer)in the second half, and we look forward to announcing the results of multiple pivotal trials of ruxolitinib and itacitinib in GVHD by year-end. In summary, we continue to execute on our key strategic goals of further diversifying our revenue base and driving sustainable long-term growth.”
The company issued guidance that slightly lowered the sales range for its blockbuster drug Jakafi, which is used to treat blood disorders.
